Citi is setting aside US$100 billion over the next decade as investment and loans to facilitate activities that reduce the impacts of climate change and create environmental solutions.
Citi said the amount will help to promote renewable energy and energy efficiency financing opportunities and finance greenhouse gas reductions and resource efficiency in other sectors, such as sustainable transportation.
Citi will seek to finance and support activities that enable communities to adapt to climate change impacts and directly finance infrastructure improvements that increase access to clean water and manage waste, while also supporting green, affordable housing for clients, including in low- and moderate-income communities.
“Citi has demonstrated its deep commitment to not only taking environmental consequences into account, but also finding innovative ways to finance projects that lead to sustainable growth,” said Michael Corbat, Chief Executive Officer of Citi. “Incorporating the principles of sustainability into everything we do improves our own operations, enhances our clients’ work, and contributes to a better world.”
This environmental finance initiative is part of a new five-year sustainability commitment that also focuses on environmental and social risk management and sustainability goals for Citi’s own businesses and operations.
Citi’s previous $50 billion goal was announced in 2007 and was met three years early in 2013.